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Legal & General (L&G) has today entered into the European pension risk transfer market, with its first deal in Holland. L&G is now writing pension risk transfer business in the UK, US and Europe. |
ASR Nederland NV, a Dutch insurer, is transferring €200 million of pension obligations to Legal & General Re (L&G Re), our global reinsurer, in cooperation with Hannover Re. Manfred Maske, CEO of Legal & General Re said: “Entry into the European pensions risk transfer market represents a significant milestone for L&G Re. Put together with the recent European Union announcement of full Solvency II equivalence for Bermuda this has been a terrific couple of weeks for L&G Re.” Legal & General Re was set up in 2014 as a reinsurance hub to grow the international pension risk transfer business. This is the first deal executed through L&G Re. Kerrigan Procter, Managing Director, Legal & General Retirement added: “The pension risk transfer business has become a global business for Legal & General. The potential market for pension risk transfer in the US, UK, and Europe is huge, and will play out over many decades. “The entry into Europe and our recent $450 million US Royal Philips transaction show case our unique one stop solutions providing our clients; pension risk transfer expertise, asset management skills, and global reinsurance capabilities.”
In October Legal & General America announced its first pension risk transfer deal with the US subsidiary of Royal Philips for approximately $450 million. Globally as at 30 September 2015, Legal & General manages an annuity book of over £43 billion, and provides annuity benefits to over a million customers. |
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